BitScreener (BITX)

Overview

BitScreener is building a financial data ecosystem that unifies the domain of cryptos and stocks in a single platform.

Project stage

Prototype

Detailed description

BitScreener is a finance-focused unified platform of cryptocurrency and stock tracker powered by blockchain. It integrates data of separated spaces of stock and cryptocurrency into a single platform, allowing traders and investors to track their investments across the domains seamlessly. At the same time, writers and researchers can contribute new content to the system for rewards.

BitScreener leverages the blockchain incentivization mechanism for user engagement and content quality. The visualization tools (charts, table, news, etc.) of the data subsystem support writers to create new content easily within the platform. Once published, the newly generated content is transparently evaluated by the community for rewards. The two subsystems data and decentralized content of the system are weaved together, making BitScreener a unique ecosystem evolving overtime.

BitScreener aims at tracking 2000+ cryptos, 100,000+ stocks and thousands of other equities around the globe in real-time for its community.

Problem

One-sided, biased, and low-quality informationThe media delivers information to primarily accommodate the perspectives of the owners, editors or authors, with limited approval from users or without getting reviews from the viewers. According to the 2016 Gallup News poll on trust in the media, only 32% of Americans said they trust the media, declining from 40% in 2015.

The report also said that the key factor of the deterioration in trust was biased and fake news. As an example, Fox News - an American basic cable and satellite television channel, has been the subject of several controversies and allegations on biased news coverage. In finance, the biased news is typically disseminated as “pump-and-dump” schemes for the unethical gains. In 2017, the U.S. Securities and Exchange Commission (SEC) conducted a wide-reaching investigation into illegal stock promotions.

Unfair share distributionIt is well-known that social platforms retain the revenue to their shareholders without sharing with their users. Popular financial forums such as BitcoinTalk or TradingView mimic the Facebook and Twitter business models for generating revenue. There is no difference in benefit sharing - they get most of their income by selling advertisement or monetize their user information. For instance, BitcoinTalk - the largest cryptocurrency online forum, has more than 30 million posts on millions of topics created voluntarily by nearly 2 million free members worldwide. BitcoinTalk gets their income by selling banner ads to crypto-related startups.

Although several websites such as SeekingAlpha try to resolve that problem by sharing a small portion of the income to the contributors, the fairness is still an issue; only a few highlyranked users earn the share in an undisclosed ratio. As social media is becoming the bigger part of everyone’s daily activities, the paradigm of the traditional profit-sharing needs to be changed. Contributors and readers should be treated fairly based on their content contributions which are justified by communities. The system should be for the people, not a single centralized provider.

Stagnant financial informationDespite significant changes, most of the existing financial data systems have not matched with the readers’ needs. Users have very poor experience in controlling over the content or reflecting their views. For example, Finviz and CoinMarketCap only provide stock charts or crypto quotations with very limited interaction between the systems and users or among users. Users are hardly giving feedback on the information on those websites.

In different systems such as StockTwit, interactions and communications are the main focuses but detailed data is missing. It is extremely difficult for a trader to make a trading decision without referring to other platforms for gathering information. As a result, users may miss their opportunities due to time delay, high cost, and data inconsistency.

Disconnected financial world: crypto vs. stockThe recent cryptocurrency craze has attracted many traders and investors - most of them are trading stock, forex or other types of equities. Robinhood - a free stock trading gateway, drew more than a million users after cryptocurrencies are tradable on their platform (Robinhood app).

By enabling trading cryptos, Robinhood integrates the two domains of stocks and cryptocurrencies into a single gateway that serves both stock and crypto enthusiasts. Similarly, famous equity exchanges CME and CBOE offered future trading of Bitcoin in late 2017 to meet the needs of their investors. From a data processing standpoint, the is no difference between in exhibiting cryptocurrencies and other equities. Each crypto or stock is presented by its quotation, charts, news, and analysis. Thus, their data should be unified into a single platform to benefit both user groups.

Solution

BitScreener is an innovative financial ecosystem using blockchain-based incentivisation in order to solve the problems of unfair profit sharing, biased information, fragmented financial data system and community content system, and fragmented stock and crypto domains as mentioned above in the financial data and content delivery.

BitScreener integrates several advancements of the existing content delivery and crowdsourcing systems for finance field with a focus on economic incentives. The Bitscreener ecosystem is a community-generated financial content system that utilizes blockchain-based rewards, in order to improve the fairness among various parties. The system will evaluate certain user’s social actions, such as writing a well-researched article, editing a post, or upvoting/downvoting a piece of information. Upon evaluation, these actions are later translated into points (BSP) depending on how their actions benefit to the community.

The points will then be converted into an Ethereum-based BitScreener tokens (BITX) that can be held in Ethereum Wallets such as MyEtherWallet or MetaMask. In addition, the points or tokens can be used to unlock advanced features in the platform that would usually be purchased with fiat money.

Features

Tracking more than 5500 trading pairs of cryptos

Harvesting live data from 100+ exchanges

Unique screening tool with hundreds of filtering criteria

Real-time price and volume alert on mobile devices

Advanced charting with technical analysis

Show details

Additional links

Token details

Token symbol
? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. :BITX

Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : 15,000 ETH

Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Ethereum (ERC20)

Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. :1,000 ETH

Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Utility token

Total supply ? Total supply — a total amount of tokens that will be released by the developers. :450,000,000 BITX

Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No

Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :139,500,000 BITX

Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist Open

Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No

Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA

Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :ETH,

Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :Singapore, USA,

Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :Yes

Activity

Social

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